DOGE Skyrockets 18% as Co-Founder Shares Thoughts on Price Action

Dog-themed cryptocurrency Dogecoin has seen a significant price increase in the past 24 hours, prompting a spirited reaction from its creator, Billy Markus, who goes by “Shibetoshi Nakamoto” on X. In a tweet that has gained attention, Markus shared a Dogecoin price chart alongside a playful caption: “yaaasss queeen.”

yaaasss queeen pic.twitter.com/kRI7gZgN7K

— Shibetoshi Nakamoto (@BillyM2k) January 3, 2025

At the time of writing, Dogecoin was trading at $0.3888 after reaching an intraday high of $0.395 on Saturday. This marks an impressive 18% gain since the past day, continuing a bullish streak that began Dec. 31.

Dogecoin has been on a steady upward rise since the last day of 2024. If today closes in the green, Dogecoin will mark five consecutive days of gains taken from Dec. 31.

The cryptocurrency market’s positive start to the year might be related to a historically good performance in the first quarter. The start of a new year often brings renewed optimism and fresh investment flows into cryptocurrencies. Dogecoin’s price action reflects this broader trend, with investors looking to capitalize on its potential upside.

This recent rally has pushed Dogecoin past its 50-day simple moving average (SMA), a key technical level that had capped its price since Dec. 19.

What’s next for Dogecoin price?

Dogecoin’s consolidation between $0.30 and $0.35 resolved to the upside on Jan. 3, indicating that bulls are back in the game. Both moving averages are flattening out, pointing to a possible range-bound action in the near term. However, the daily RSI above the midpoint suggests an advantage to the bulls.

If Dogecoin sustains its momentum above the daily SMA 50 of $0.38, it could climb to $0.42. Sellers are expected to attempt a vigorous defense at $0.42. If the price drops from $0.42, Dogecoin may decrease to $0.34. On the other hand, if Dogecoin crosses $0.42, the price may target $0.48 next.

As Dogecoin sees an upward climb, the focus will be on whether the coin can maintain its momentum and break through further resistance levels. The recent breach of the 50-day SMA is a positive sign, but sustained gains will depend on broader market conditions and investor sentiment.

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